Press release
Industrial 5G Market Share Growing at a CAGR of 27.5% Reach USD 140.88 Billion by 2030
Increase in demand for high latency and low latency network among various industries, rise in M2M connections across various industries, and demand for next-generation telecommunication network service among enterprises drive the growth of the global industrial 5G market. However, high implementation cost of 5G solutions hinders the market growth. On the other hand, development of smart infrastructure such as 5G-enabled facility and adoption of IoT-based 5G infrastructure across various enterprises present new opportunities in the coming years.
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The global industrial 5G market size was valued at $12.47 billion in 2020, and is projected to reach $140.88 billion by 2030, growing at a CAGR of 27.5% from 2020 to 2030.
The global industrial 5G market is segmented on the basis of component, enterprise size, end user, discrete industries type, communication type and region. By component, the market is bifurcated into hardware, software and services. By end user, it is categorized process industries and discrete industries. By discrete industries type, the market is bifurcated into automotive & transportation, industrial machinery & heavy equipment's, high-tech & consumer electronics, aerospace & defense and others. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on communication type, it is fragmented into eMBB, URLLC, MMTC and FWA. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the hardware segment held the highest share in 2020, contributing to more than half of the total share, and is estimated to maintain its lead position during the forecast period. However, the software segment is projected to witness the highest CAGR of 30.0% from 2021 to 2030.
Based on end user, the discrete industries segment contributed to the highest market share in 2020, accounting for more than two-thirds of the global industrial 5G market, and is projected to maintain its leadership status throughout the forecast period. However, the process industries segment is expected to portray the fastest CAGR of 28.5% from 2021 to 2030.
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Based on region, North America accounted for the largest share in terms of revenue in 2020, contributing to nearly two-fifths of the total market share, and is projected to continue its dominant share by 2030. However, Asia-Pacific is estimated to register the largest CAGR of 29.1% during the forecast period.
Leading players of the global industrial 5G market analyzed in the research include AT&T, Huawei Technologies Co., Ltd., Ericson, Nokia, NEC Corporation, Samsung, Qualcomm Technologies, Inc., Verizon Communications Inc., SK Telecom, and ZTE Corporation
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Top impacting factors
● Increase in demand for low latency network among various industries : Increase in demand for low latency network among industries for real-time monitoring of machines, enhanced monitoring of the assets, and others drives the growth of the industrial 5G market.
● Increase in demand for next-generation telecommunication network service among enterprises : Surge in demand for next-generation telecommunication network service among enterprises to provide higher bandwidth communication network among industries and to replace traditional networking services for increasing the efficiency of the organizations drives the growth of the industrial 5G market.
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